SBP Issues Pilot Approval for EMI Operations to UAE Based FX Payment System

The State Bank of Pakistan has approved the pilot operations of Hubpay (Private) Limited as an Electronic Money Institution (EMI) as of October 28, 2024. Hubpay Pakistan is a subsidiary of Hubpay ADGM which is a licensed financial institution operating in the UAE. Hubpay ADGM as a business focuses on international payments and is revolutionizing FX payments and money transfers. It is the number 1 trusted partner for Corporate FX solutions in the UAE and the first AI powered money transfer application with the ability to send money to over 50 countries. The Hubpay app for consumers has over 1.2 Million downloads. This approval marks a significant step forward for Hubpay Pakistan, enabling the company to initiate its journey toward a full-scale commercial launch in Pakistan. During this pilot phase, Hubpay will provide a select group of users with access to a limited range of products under the careful oversight of the State Bank of Pakistan. As Hubpay Pakistan progresses through its journey it will look towards bringing products from its group companies into Pakistan in collaboration and concurrence with State Bank of Pakistan. Hubpay Pakistan’s CEO, Owais Shaikh, expressed excitement over this milestone: “We are thrilled to begin operations in Pakistan and to work closely with the State Bank of Pakistan to bring reliable, accessible financial solutions to the market. This pilot phase is a key first step in our journey to empower individuals and businesses with digital financial services tailored to their needs.” While user access will be currently limited, interested users can join the waitlist by visiting their website.